Farstad Shipping ASA – Five vessels to be laid up

Farstad Shipping is planning to lay up two PSV and three AHTS in Norway due to an expected further weakening of the offshore market. Consequently, approx. 100 employees offshore, mostly Norwegian nationalities, will be laid off.

- To lay up vessels and lay off our employees is a painful measure, especially for those of our employees who are personally affected by the measures. This is deeply regrettable, but necessary due to the current market situation, says Karl-Johan Bakken, CEO of Farstad Shipping.

Farstad Shipping is now fully focused on securing contracts and employment of vessels and crews.

- Even if it looks dark now, we know there will be better times. We have been through heavy storms before. My target number one is to see us return to a strengthen position with our vessels and employees back in business, Bakken says.

- This is, however, not a job I do on my own, but together with all of the highly qualified employees of Farstad Shipping, who give their best to the company every single day, says CEO Karl-Johan Bakken.

Prior to this Farstad Shipping has two vessels laid up in Norway and two vessels laid up in Asia.

For further information, please contact:

CEO Karl-Johan Bakken – tel. +47 901 05 697

CFO Torstein L. Stavseng – tel. +47 911 07 001

Farstad Shipping’s fleet currently consists of 62 vessels (31 AHTS, 25 PSV and 6 SUBSEA) and 1 SUBSEA vessel under construction. The company’s operations are managed from Aalesund, Melbourne, Perth, Singapore, Macaé and Rio de Janeiro with a total of 2,100 employees engaged onshore and offshore. The company’s strategy is to be a leading quality provider of large, modern offshore service vessels to the oil industry.